Daily Forecast for Crosses: December 24

By IBT Staff Reporter On 12/23/09 AT 10:31 PM

EURJPY Forecast

The EURJPY continued its moderate bullish momentum yesterday, topped at 131.46 and closed at 130.53. The bullish scenario targeting 131.75 remains intact. However the bullish momentum seems softer at this phase so I think I am going to stay away and enjoying Christmas Immediate support at 130.80. Break below that area could trigger further bearish pressure testing 130.05 and should be seen as potential threat to the bullish outlook. On the other hand, break above 131.75 should trigger further bullish momentum towards 132.50 area and lead us into a new bullish phase.

GBPJPY Forecast

The GBPJPY didn’t make significant movement yesterday. On h4 chart below we can see that price is consolidating, move in small range of 146.00 – 146.80. The bias is neutral in nearest term and I will stay out for now. Bullish scenario is considered to be continued only if we have a consistent move above 146.80 targeting 148.50 area. Break below 146.00 should trigger further bearish momentum testing the trendline support area (red) and should be seen as potential threat to the bullish outlook.

AUDUSD Forecast

The AUDUSD was corrected higher yesterday, topped at 0.8817 and closed at 0.8784. The bias is neutral in nearest term but I think we are in a critical phase where price seems ready to test the 0.8850 resistance area. Break above that area should trigger further bullish momentum and diminish the bearish scenario testing 0.8950 area. Immediate support at 0.8750. Break below that area should keep the bearish scenario targeting 0.8650 intact.